Closing comments from David Jones, Chief Market Strategist, IG Index:
Going into the final few minutes of trading, the FTSE 100 is broadly unchanged on the day.
HSBC was today’s bank in the spotlight, with first quarter profits coming in higher than the same period last year. The bank did announce credit-crunch related write-downs but with these coming in lower than initially expected, the share price has enjoyed a positive day. The price of HSBC is currently trading around 5% higher for the year to date – no mean feat considering the depressed state of many UK banking stocks at the moment. This latest bit of news has certainly not done any harm to the rally that has been in place since mid January. It may leave many eyeing a possible run back to the highs seen in October 2007 around the 960p mark.
This afternoon saw the FTSE 100 dip back below 6200. But like other recent forays below this psychological level, so far this has proved to be short lived. As mentioned before, the UK market has continued to prove particularly strong over recent weeks in the face of slides in other global markets, notably the US, which has left many traders still targeting the 6300 level as the next objective for this week. The recent slides back towards the 6150/6180 area have brought the buyers back out in droves. For now it looks like only a prolonged move below here would suggest that the positive sentiment is starting to fade.
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
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UK Market Comment, 9 May
Closing comments from Anthony Grech, Market Research Analyst, IG Index:
Going into the last few minutes of trading, the FTSE 100 is down on the day but attempting to hold a recovery back above 6200.
Today's market was weak since the off, following significant falls on Wall Street last night. The first couple of hours of trading saw the FTSE 100 trading back below the 6200 mark - a level that had underpinned any weakness over the past couple of days. Further record highs for oil and weakness across the banking and mining sectors were not doing the London market any favours on Friday and another stuttering start to Wall Street did not help.
However, this is a market that has proved resilient to US volatility in recent weeks and the UK has spent most of the day recovering some of those sharp early losses. Since mid-March, any slides for share prices have proved to be buying opportunities and that does seem to be how investors and traders alike have treated Friday's morning slump. The FTSE 100 still has plenty of support running from the 6000 mark and although it looks set to end the week fairly flat, many will still be aiming for a run up to the 6300 levels when trading resumes on Monday.
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
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Risk Warning: Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
'Spread Trading HSBC May' by DJ, updated 12-May-08
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